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A new masterplanned residential community in Brisbane is one step closer to fruition following the acquisition of a quarry by Frasers Property.
The site, nine kilometres north west of the Brisbane CBD in Keperra, was bought by Frasers for $31 million, and has an estimated gross domestic value of $234 million.
Following a community engagement program the site has approval for the development of a master planned residential community with up to 700 homes to be built.
Approximately 60 per cent of the 48.7-hectare site will be open green space.
The site, currently a quarry, is one of the most elevated areas of land in Brisbane, ranging from 80 to 190 meters above sea level, which general manager of Residential Queensland at Frasers Property Scott Ullman says will result in some spectacular views.
"The design for the master planned community is still being refined however most of the residential dwellings will be built between 100 and 145 meters above sea level, creating some spectacular views to the Glasshouse Mountains," says Ullman.
"The elevation is a real point of difference for this site, enabling us to apply our design and development expertise to maximise the natural advantages of being so high up."
In addition to the residential dwellings, parks, and conservation areas, a 7,000sqm neighbourhood retail and childcare centre is also planned for the development.
Ullman says the new community will offer people choice with a combination of detached, low density and medium density terrace homes.
"In a substantial commitment to revegetating the Keperra hillside, more than half of the site will be open space, comprising conservation land and stabilisation and rehabilitation of the quarried hillside," says Ullman.
"The remainder will be developed as residential retail, roads and infrastructure."
Frasers hopes to launch the design of the new community in 2021.